Hsbc Holdings PLC Raises Stock Position in The Progressive Corporation $PGR

Hsbc Holdings PLC raised its position in The Progressive Corporation (NYSE:PGR) by 6.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,366,794 shares of the insurance provider’s stock after purchasing an additional 82,973 shares during the quarter. Hsbc Holdings PLC owned about 0.23% of Progressive worth $301,657,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Brighton Jones LLC raised its position in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after buying an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new position in Progressive in the fourth quarter worth approximately $269,000. Bison Wealth LLC grew its position in Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares during the period. HUB Investment Partners LLC increased its stake in Progressive by 7.8% during the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after acquiring an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC increased its stake in Progressive by 12.0% during the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after acquiring an additional 1,622 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.2%

NYSE:PGR opened at $204.42 on Friday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The stock’s fifty day moving average is $200.01 and its two-hundred day moving average is $207.23. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $267.92. The stock has a market capitalization of $119.45 billion, a price-to-earnings ratio of 10.39, a price-to-earnings-growth ratio of 5.88 and a beta of 0.28.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company’s revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $4.37 earnings per share. Research analysts anticipate that The Progressive Corporation will post 16.52 EPS for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s payout ratio is currently 2.03%.

Insider Activity

In other Progressive news, insider Steven Broz sold 1,157 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00. Following the sale, the insider directly owned 28,668 shares in the company, valued at $5,733,600. This represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the sale, the insider directly owned 41,290 shares in the company, valued at $8,258,000. This represents a 12.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Zacks Research upgraded Progressive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 24th. The Goldman Sachs Group reiterated a “buy” rating and set a $225.00 price target on shares of Progressive in a report on Monday, February 23rd. Argus raised Progressive to a “hold” rating in a research report on Thursday, March 5th. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a report on Friday, May 22nd. Finally, Morgan Stanley decreased their target price on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 31st. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $237.58.

Key Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive’s May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.